21 Mar 2006

Standard and Poor's Revises Outlook on Norske Skog

The rating company Standard and Poor's has revised its outlook on Norske Skog's debt to 'negative' from 'stable'.

According to the press release from Standard and Poor's, the outlook change reflects challenges to improve operating performance and credit measures to levels acceptable for the rating category. The rating itself is kept on "BBB-" for long-term and "A - 3" for short term debt, which are investment grade levels.
 
The revision to negative outlook does not impact the interest costs of Norske Skog's existing long-term debt or credit facilities.
 
Oxen°en, March 21, 2006
 
NORSKE SKOG
Investor Relations